TN State Board Kalvi 12th Commerce Notes Chapter 13 Concept of Market and Marketer
Question 1.
What is Market?
Answer:
- The word market is derived from the Latin word “Marcatus” which means trade, commerce, merchandise, a place where business is transacted.
- It is a medium or place to interact and exchange of goods and services.
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 mean by Regulated Market?
Answer:
These are types of markets which are organized, controlled and regulated by statutory measures.
Eg: Stock exchanges of Mumbai, Chennai, Kolkatta etc.
Question 4.
Mention any four differences between Wholesale Market and Retail Market.
Answer:
|
Wholesale Market |
Retail Market |
| (i) Selling goods in bulk quantities. | (i) Sold to customers in small quantities. |
| (ii) A link between manufacturer and retailer. | (ii) A link between wholesaler and customer |
| (iii) Extended area to be covered (various cities). | (iii) Limited area to be covered. |
| (iv) The goods and services are not sold to customers directly. | (iv) The goods and services are sold to customers directly. |
Question 5.
What is meant by Commodity Market?
Answer:
A commodity market is a place where produced goods or consumption goods are bought and sold. Eg: Wheat exchange market, Cotton exchange market.
Question 6.
What can be marketed in the Market?
Answer:
The dynamic items that can be marketed are listed below:
- Manufactured goods are the main constituent of marketing in all the countries across the world.
- Services of many organizations can be marketed to the consumers namely banking, finance, tourism etc.
- An idea may change the world. Innovative and attractive are the desirable products for the marketers to sell.
- The event marketing aims at promoting and marketing of special events, shows, exhibitions, fairs etc.
Question 7.
Mention any three Role of Marketer.
Answer:
(i) Innovator:
Introducing new delivery pattern, creating new business models, introducing change in production process and soon.
(ii) Integrator:
A role of integrator in the sense that he collects feed back or vital inputs from channel members and consumers.
(iii) Implementer:
When he / she actually converts marketing opportunities into marketable product with the help of several functional teams put in place in organization.
Question 8.
Marketer is an innovator? Do you agree?
Answer:
- Yes marketer is an Innovator. Marketer seeks to distinguish his products and services by additional features or function to the existing product.
- Marketer only modifying the price structure introduction of new pattern of delivery, new business model and introducing new changes in production.
Question 9.
Why Customer support is needed to Market?
Answer:
It is very important customers service to all customers include new, existing and potential customers.
- Increase customer loyalty to our business.
- It generates positive word of mouth and a good reputation.
- Treating our customers respectfully.
- Following upon any feedback we receive from our customers.
- Understanding our customers needs and wants.
Question 10.
Explain the types of market on the basis of time.
Answer:
(i) Very short period market:
Markets which deal in perishable goods like fruits, milk, vegetables etc. There is no change in supply. Price is determined on the basis of demand.
(ii) Short period market:
(a) In certain goods, supply is adjusted to meet the demand.
(b) The demand is greater than supply.
(iii) Long Period market:
This type of market deals in durable goods, where the goods and services are dealt for long period usages.
Question 11.
List down the functions of Marketer.
Answer:
- Gathering and analyzing market information
- Market planning
- Product designing and development
- Standardization and grading
- Packaging and labelling
- Branding
- Customer support services
- Promotion and selling
- Transportation
- Storage and warehousing.
Question 12.
How the market can be classified?
Answer:
On the basis of different approaches markets have been classified as area, nature, transaction, time, volume and regulation.
On the basis of geographical area:
(i) Family market: When exchange of goods or services are confined within a family.
(ii) Local market: Participation of both the buyers and sellers belonging to a local area (town or village).
(iii) National market: A certain type of commodities has demand throughout the country.
(iv) International market or global market: Where the buyers and sellers of goods are from different countries.
On the basis of commodities/Goods:
(a) Commodity market:
(i) Produce exchange market
(ii) Manufactured goods market
(iii) Bullion market
(b) Capital market:
(i) Money market
(ii) Foreign exchange
(iii) The stock market
On the basis of economics:
(i) Perfect market
(ii) Imperfect market
On the basis of transaction:
(i) Spot market
(ii) Future market
On the basis of regulation market:
(i) Regulated market
(ii) Unregulated market
On the basis of time:
(i) Very short period market
(ii) Short period market
(iii) Long period market
On the basis of volume of Business:
(i) Wholesale market
(ii) Retail market
On the basis of importance
(i) Primary market
(ii) Secondary market
(iii) Terminal market
Question 13.
How the market can be classified on the basis of Economics?
Answer:
On the basis of Economics:
Perfect market:
A market is said to be a perfect market, if it satisfies the following conditions:
- Large number of buyers and sellers are there.
- Prices should be uniform through out the market.
- Buyers and sellers have a perfect knowledge of market.
- Goods can be moved from one place to another without restirictions.
- The goods are identical or homogeneous.
Imperfect market:
A market is said to be imperfect when
- Products are similar but not identical.
- Prices are not uniform.
- There is lack of communication.
- There are restrictions on the movement of goods.
Question 14.
What is your contribution to promote the market in the modern society?
Answer:
- Marketing drives a consumers economy.
- Promoting goods and services.
- Targeting consumers most likely to become buyers.
- Managing consumer expectations.
- Marketing advertising play a huge role in shaping our society.
- Profit and charitable groups.
- Marketing is helpful in raising and maintaining the standard of living of the economy.
- In modem times – latest marketing techniques.
- Marketing has infact revolutionized and modernized the living standard of people in modem times.
- Marketing creates employment. Marketing as source of income and revenue. As a source of new idea and it is helpful in development of an economy.
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